TVS Motor rallies 4%, nears record high on strong November sales

TVS Motor Company share price today rallied 4 per cent to ₹3,659.75 per share on the BSE in intra-day trade after the company reported a strong 30 per cent growth in November sales. 

 

The stock price of a two and three-wheeler manufacturer is trading close to its record high level of ₹3,703.95 touched on October 23, 2025. 

 

In the past six months, TVS Motor Company has outperformed the market by soaring 31 per cent as compared to a 5 per cent rise in the BSE Sensex and a 19 per cent rally in the BSE Auto index.

TVS Motor Company’s strong November sales

TVS Motor Company registered 30 per cent year-on-year (Y-o-Y) growth in total sales of 519,508 units in November 2025, as compared with the 401,250 units sold in November 2024. Domestic two-wheeler registered growth of 20 per cent with sales increasing from 305,323 units in November 2024 to 365,608 units in November 2025. 

 

 

Motorcycles registered a growth of 34 per cent with sales increasing from 180,247 units in November 2024 to 242,222 units in November 2025. Scooter registered a growth of 27 per cent with sales increasing from 165,535 units in November 2024 to 210,222 units in November 2025.

 

The company's sales in international business registered a growth of 58 per cent Y-o-Y, with sales increasing from 93,755 units in November 2024 to 148,315 units in November 2025.

 

The sales volumes are likely to be driven by continued positive customer sentiment spurred by better affordability (courtesy GST cuts), strong rural demand, interest rate cuts and adequate finance availability, according to analysts at Nuvama Institutional Equities. The brokerage firm had expected 18 per cent YoY growth in wholesales at 475,000 units.

 

Growth momentum is likely to be in double digits across both domestic and export markets. TVS Motor Company has been gaining share across markets, and analysts reckon its domestic share shall rise from 18 per cent in FY25 to 19 per cent by FY28E. Moreover, the brokerage firm forecast margin expansion ahead due to better scale/mix, higher PLI benefits and cost savings.

 

Analysts in the Q2 result update said they have a positive stance on TVS Motor Company is underpinned by expectations of a continued upturn in domestic 2Ws; market-share gains in domestic and overseas markets; and margin expansion emanating from rising economies of scale, better mix and cost cutting measures. The brokerage firm retains ‘Buy’ rating on TVS Motor Company with a target price of ₹4,100 per share.

 

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